Mystic Asset Management Inc. Invests $1.89 Million in The Hartford Insurance Group, Inc. $HIG

Key Points

• Mystic Asset Management initiated a $1.89 million position in The Hartford Insurance Group during the second quarter by purchasing 14,290 shares. Institutional investors collectively own 93.42% of HIG.
• The Hartford exceeded quarterly expectations, reporting $3.42 in EPS versus the $3.16 estimate and $7.26 billion in revenue, up 8.1% year over year.
• The company declared a quarterly dividend of $0.60 per share, equivalent to $2.40 annually and a 1.7% yield. Analysts’ consensus rating is “Hold,” with an average price target of $149.67 versus the stock’s $137.17 price.

Mystic Asset Management Inc. bought a new stake in shares of The Hartford Insurance Group, Inc. (NYSE:HIG - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 14,290 shares of the insurance provider's stock, valued at approximately $1,894,000.

Other institutional investors also recently bought and sold shares of the company. Ashton Thomas Private Wealth LLC purchased a new stake in shares of The Hartford Insurance Group in the first quarter valued at $207,000. NewEdge Advisors LLC boosted its stake in shares of The Hartford Insurance Group by 1.6% during the 2nd quarter. NewEdge Advisors LLC now owns 56,140 shares of the insurance provider's stock worth $7,122,000 after purchasing an additional 886 shares during the period. Treasurer of the State of North Carolina boosted its stake in shares of The Hartford Insurance Group by 3.9% during the 2nd quarter. Treasurer of the State of North Carolina now owns 167,868 shares of the insurance provider's stock worth $21,297,000 after purchasing an additional 6,285 shares during the period. HUB Investment Partners LLC grew its holdings in The Hartford Insurance Group by 9.8% during the 2nd quarter. HUB Investment Partners LLC now owns 6,919 shares of the insurance provider's stock valued at $878,000 after purchasing an additional 619 shares during the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its position in The Hartford Insurance Group by 25.5% in the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 193,020 shares of the insurance provider's stock worth $24,488,000 after purchasing an additional 39,220 shares during the period. 93.42% of the stock is currently owned by institutional investors.

The Hartford Insurance Group Stock Performance

The Hartford Insurance Group stock opened at $137.17 on Friday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.31 and a current ratio of 0.31. The company has a market capitalization of $37.16 billion, a PE ratio of 8.87, a P/E/G ratio of 3.38 and a beta of 0.46. The company has a 50 day moving average price of $137.43 and a 200-day moving average price of $136.64. The Hartford Insurance Group, Inc. has a fifty-two week low of $120.33 and a fifty-two week high of $146.07.

The Hartford Insurance Group (NYSE:HIG - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The insurance provider reported $3.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.16 by $0.26. The company had revenue of $7.26 billion for the quarter, compared to analysts' expectations of $7.17 billion. The Hartford Insurance Group had a return on equity of 21.66% and a net margin of 15.00%.The Hartford Insurance Group's revenue was up 8.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $3.41 earnings per share. As a group, equities analysts forecast that The Hartford Insurance Group, Inc. will post 12.8 earnings per share for the current year.

The Hartford Insurance Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 2nd. Stockholders of record on Tuesday, September 1st will be given a dividend of $0.60 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.7%. The Hartford Insurance Group's dividend payout ratio is presently 15.51%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on HIG. Mizuho raised their price objective on shares of The Hartford Insurance Group from $154.00 to $163.00 and gave the stock an "outperform" rating in a research note on Thursday, July 9th. JPMorgan Chase & Co. upped their target price on The Hartford Insurance Group from $149.00 to $152.00 and gave the company a "neutral" rating in a research note on Monday, July 20th. Keefe, Bruyette & Woods increased their price target on The Hartford Insurance Group from $143.00 to $144.00 and gave the stock a "market perform" rating in a report on Tuesday, July 28th. Barclays decreased their price target on The Hartford Insurance Group from $156.00 to $155.00 and set an "overweight" rating for the company in a research note on Friday, June 12th. Finally, Wells Fargo & Company dropped their price objective on The Hartford Insurance Group from $165.00 to $164.00 and set an "overweight" rating for the company in a report on Monday, July 27th. Seven analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $149.67.

Insider Activity at The Hartford Insurance Group

In other news, President Adin M. Tooker sold 8,895 shares of the firm's stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $135.13, for a total transaction of $1,201,981.35. Following the transaction, the president owned 38,208 shares in the company, valued at approximately $5,163,047.04. This trade represents a 18.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.30% of the company's stock.

The Hartford Insurance Group Company Profile

The Hartford Financial Services Group, commonly known as The Hartford, is a U.S.-based insurance and investment company that provides a broad range of commercial and personal insurance products and employee benefits. Its core businesses include property and casualty insurance for businesses and individuals, group benefits such as group life, disability and dental plans, and retirement and investment solutions offered through affiliated asset-management operations. The company also delivers risk management, claims-handling and loss-prevention services designed to support policyholders across a variety of industries.

Founded in Hartford, Connecticut, in 1810, The Hartford is one of the oldest insurance organizations in the United States and has a long history of underwriting and product development across multiple insurance lines.

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